Page 141 - Hurst FY19 Approved Budget

SALES TAX REVENUE

Millions of Dollars
0.8
0.6 0.8 0.8 0.7 0.7
1.5 0.7 0.7 0.7 0.6 1.0
0.7

9.29 9.13 9.54 9.73 9.71 10.09 10.76 10.82 10.52 10.53 9.55

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Actual Est. Proj.
City Sales Tax Economic Development Payment Sales Tax Reserve

Sales Tax Revenues are the most difficult to project for the operating budget because
the increases in revenue sources are dependent upon area economic conditions and
consumer confidence. In fiscal year 2018-2019, sales tax is projected at $9.5 million. The
2018 total has a fluctuation factor of approximately ($1,000,000) or approximately 10%
of estimated collections included. This allowance has and will continue to help offset
any decreases in sales tax collection caused by economic conditions. In the current
fiscal year, the City recorded monthly sales tax increases for five of ten months year-to-
date, ranging from 1.6% to 8.9%. Five months have resulted in a decline when compared
to the prior year ranging from (0.03%) to (5.1%). Overall, year-to-date sales tax have
increased by 1.4% from the prior year. Sales Tax revenues grew over the past several
years due to redevelopment efforts in the North East Mall Area. However, revenues
began decreasing in 2008 due to an economic recession.

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